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What I can tell you -- flat out -- is that the method of seeking value Mutley relayed will set you on the trail of losers like HPQ, DELL, CSCO and, dare I say,
Research in Motion(RIMM).

Look for growth that, ultimately, contradicts the case for value. In other words, sure, it's technically a "value stock" because it's mispriced,
but, the story here is not value, it's the growth.

Why take a chance on Microsoft with declining revenue growth, when you can buy any number of strong dividend payers? Growing companies that just so happen to pay a dividend.

Names such as
Whole Foods Market(WFM). Sure it pays a lower yield, but that's because it's a strong growth stock.

Or, if you really want what the "experts" call value, have a look at
Apple(AAPL - Get Report). There's not a stronger growth
and value play out there right now. That falling P/E and climbing yield mean something.

But, Apple, in a good way, is a special situation.

As a rule of thumb, you're insane to chase yield or make yourself believe in a faux value play. Buy growth and hold it until you hit your target or the company's narrative actually begins to crumble.

You'll miss a few and take some stop losses in the process, but that's part of the game. Getting crushed by the next HPQ, DELL or RIMM shouldn't be.

Dividend stocks are absolutely not dead; just as long as the fundamentals of the underlying company are moving in the right direction.